Job cuts.Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. Corp. plans to eliminate between 700 and 900 jobs, increase restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. itself of some low-margin businesses. In a filing with the Securities and Exchange Commission, the Pasadena-based label maker said it expects higher restructuring costs of between $50 million and $65 million. It previously had expected $20 million to $30 million in restructuring costs. The across-the-board cuts are expected to save $80 million to $90 million and a portion of the savings will be used for investments in unnamed "growth opportunities." |
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